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FHFA Looking at a Bad Move

September 18, 2014 FHFA, MBA, Mortgage News, Subprime 2 Comments

We’ve spoken about the changes that FHFA wants to make to the REIT’s system and how it’s not a good idea.  Well the MBA is now asking for more time on this roll out as well.

FHFA Bad DecisionBe sure to catch all of your real estate and mortgage news every morning with Frank and Brian. Please forward, share, subscribe and post to your social sites if you find today’s information useful, and be sure to share it with your office. It pays to be educated on what’s going on in the mortgage and real estate industry everyday as an industry professional. Also, please feel free to send us show ideas – we love it! A lot of our content comes from the pro’s on the street as it should!

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With that you all have a wonderful day and we’ll see you tomorrow!

Frank and Brian

FHA Wants Really Clean Low Score Loans

September 10, 2014 FHA/HUD, FHFA, Subprime 6 Comments

Well there’s a new push for sub prime loans again.  It’s actually coming from all different directions including the FHA.

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two-loversNow on to the bid-ness at hand.  A couple things in today’s show, but they kind of tie together.  First you’ve got the FHFA taking away one fee yet adding another which the MBA and a couple of other groups aren’t happy about.  You as a loan originator or real estate professional should feel the same way, by doing this you’ll see rates go up in an already struggling market.  Then we’ve got the NY Times coming out and quoting if underwriting standards were closer to 2001 levels that there would have been over a million more deals done in 2012.  With this they make an argument for a newer type of sub prime loan.  The truth is, real sub prime is already out there and it’s fine.  Low scores with big down payments and higher rates work as loan as the person actually qualifies for the loan. Now FHA is on record looking for lower score deals, as long as you do them “perfectly”.  You’ll have to tune in to see what we mean.

With that you all have a wonderful day and we’ll see you tomorrow.

Frank and Brian

Fannie Mae Changes Coming

Change is in the air with Fannie Mae, as usual, which brings us to naturally ask…. why?

Hey now, don’t that that approve ineligible get you down.  In fact MGIC might be able to turn that frown upside down with their Go Program.  With just a couple of overlays you might be singing a new song.  It’s easy to check out, all you have to do is CLICK HERE.

FNMA ChangesChange.  Sometimes it’s good sometimes it’s not.  Well today we look at one of the changes coming down the pipeline with Fannie Mae.  It’s a little change to the way they view REIT’s.  These are Real Estate Investment Trusts.  Essentially people invest money into a REIT and get a return on it.  The REIT invests that money in real estate.  Well there’s insurance that comes these investments to protect the investors.  Many of the REIT’s out there have a way of self insuring.  This is what’s being changed with Fannie Mae.  They’re basically not allowing for self insured REIT’s pretty soon which will change the landscape dramatically for investors who like to invest in REIT’s.  Keep in mind, REIT’s help keep housing going, so, like we said before, this change might not be so good.  But we have a solution of course!  We’ll let you tune in to see what we think.  :)

With that you all have a wonderful day!

Frank and Brian

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